AINDT News

Structural Health Monitoring Market – Global Forecast to 2023

The structural health monitoring market is estimated to grow from US$1.48 billion (approximately £1.13 billion) in 2018 to US$3.38 billion (approximately £2.6 billion) by 2023, at a compound annual growth rate (CAGR) of 17.93%. The forecast period for this report is from 2018 to 2023. The factors driving the structural health monitoring market include the ageing infrastructure and the superior benefits of structural health monitoring, a decrease in the cost of sensors resulting in a reduction in the cost of structural health monitoring systems and stringent environmental regulations pertaining to the sustainability of structures, among many others.

In this report, the structural health monitoring market has been segmented on the basis of technology, offering, vertical and geography. In terms of technology, the market for structural health monitoring systems based on wireless technology is estimated to grow at a higher rate during the forecast period. In wireless technology, the use of wires is eliminated, thereby abolishing the need for installation and protection of cables and dramatically reducing the cost of the wireless structural health monitoring system.

In terms of offerings, the hardware segment is expected to hold the largest market share by 2023. This is owing to the fact that hardware components are the integral elements within structural health monitoring systems, measuring the physical properties of any structure under observation. On the basis of data received from various hardware instruments, decisions are made regarding the corrective actions pertaining to the structure.

In the vertical segment, civil infrastructure is expected to hold the largest market share during the forecast period. Civil infrastructure facilities include numerous critical structures, such as bridges, dams, tunnels, highways and buildings. At present, major countries in different regions, such as the USA, the UK, Germany and Japan, are investing heavily in building infrastructural facilities, ultimately growing their economies. Thus, the growth in civil infrastructure would increase the demand for structural health monitoring systems to maintain and monitor the health of each civil infrastructure and to avoid the catastrophic failure of these structures.